Key Takeaways
- • EfTEN United Property Fund reported Q3 2026 net profit of EUR 68 thousand, down from EUR 426 thousand in Q3 2025, mainly due to lower sales at the Invego Uus-Järveküla OÜ development company.
- • The fund's 9-month 2026 net profit was EUR 777 thousand versus EUR 2,105 thousand in the same period of 2025, while net asset value stood at EUR 28,927 thousand at 30 September 2026.
- • The fund sold its subsidiary EfTEN M7 UAB, which owns the Menulio 7 office building in Vilnius, for an estimated profit of EUR 760 thousand, lowering the office share of its portfolio by 11 percentage points to 27%.
- • The fund increased its direct stake in the Domina shopping centre in Riga for a final cost of EUR 2.472 million, lifting the retail share of the portfolio to 47%.
- • The fund plans total 2026 distributions of 85 cents per unit, about 9% of market capitalisation, described as the largest in its history.
Summary
EfTEN United Property Fund reported unaudited results for the third quarter and first nine months of 2026, showing a net profit of EUR 68 thousand for Q3, compared with EUR 426 thousand a year earlier. The fund attributed the decline mainly to its investment in Invego Uus-Järveküla OÜ, where sales of completed terraced houses and the associated profit were lower than in the prior year. Despite lower profit, the fund said it received record income from its investments, enabling what it described as its largest distributions in history: a total of 85 cents per unit in 2026, or approximately 9% of market capitalisation. Nine-month net profit was EUR 777 thousand, against EUR 2,105 thousand in 2025, and net asset value attributable to shareholders was EUR 28,927 thousand at 30 September 2026.
During Q3 the fund manager completed a portfolio restructuring prepared in Q2. The fund sold EfTEN M7 UAB, which owns the Menulio 7 office building in Vilnius, with the transaction completed on 8 July 2026. The fund had invested EUR 3.598 million in the building in early 2022, and the manager reported a sale profit of EUR 760 thousand including dividends and loan interest. The fund received EUR 414 thousand from the share sale and increased its shareholder loan to the buyer, and the buyer must repay EUR 2.899 million by 7 December 2027 at the latest, bearing 9% interest for the first 12 months and 12% thereafter, secured by a first-ranking mortgage. The fund manager said the office segment, particularly older B- and C-class buildings, would remain under pressure in the Baltic market due to remote working and modest corporate expansion.
The fund also increased its investment in the Domina shopping centre in Riga in August. It previously held an indirect position of about EUR 380 thousand through EfTEN Kinnisvarafond II AS and now invests directly. The final acquisition cost was EUR 2.472 million, including EUR 2.329 million for a 5.9% stake in EfTEN Domina SIA and EUR 0.143 million for a loan receivable. The manager cited relatively strong wage growth and slowing inflation as support for retail. Following these transactions, the office share fell to 27% and the retail share rose to 47%, and the portfolio is substantially fully invested in real estate.
The fund's largest holding, EfTEN Real Estate Fund 5, is driven by the Kristiine shopping centre in Tallinn and the UNA retail park in Vilnius, both 100% occupied at end-September. Its valuation is based on the Nasdaq Tallinn closing price, so results are exposed to short-term share price moves. At Uus-Järveküla, one terraced house was handed over in Q3, leaving three units and two plots unsold. An expansion plan for 11 semi-detached houses (22 units) was agreed, with roughly EUR 1.5 million of shareholder loans at 10% interest, detailed spatial planning adopted in September, construction expected to start in the first half of 2027, and completion planned for 2029.
The fund made a EUR 1,060 thousand distribution in June 2026 (42.676 cents per unit) and will pay EUR 1,050 thousand (about 42 cents per unit) in November, of which about EUR 600 thousand comes from Invego Uus-Järveküla OÜ dividends. Total 2026 distributions exceed EUR 2 million for the first time, and represent roughly 9% of market capitalisation for the second consecutive year. The full report is available on the fund's website. Kristjan Tamla is the fund's Managing Director.
During Q3 the fund manager completed a portfolio restructuring prepared in Q2. The fund sold EfTEN M7 UAB, which owns the Menulio 7 office building in Vilnius, with the transaction completed on 8 July 2026. The fund had invested EUR 3.598 million in the building in early 2022, and the manager reported a sale profit of EUR 760 thousand including dividends and loan interest. The fund received EUR 414 thousand from the share sale and increased its shareholder loan to the buyer, and the buyer must repay EUR 2.899 million by 7 December 2027 at the latest, bearing 9% interest for the first 12 months and 12% thereafter, secured by a first-ranking mortgage. The fund manager said the office segment, particularly older B- and C-class buildings, would remain under pressure in the Baltic market due to remote working and modest corporate expansion.
The fund also increased its investment in the Domina shopping centre in Riga in August. It previously held an indirect position of about EUR 380 thousand through EfTEN Kinnisvarafond II AS and now invests directly. The final acquisition cost was EUR 2.472 million, including EUR 2.329 million for a 5.9% stake in EfTEN Domina SIA and EUR 0.143 million for a loan receivable. The manager cited relatively strong wage growth and slowing inflation as support for retail. Following these transactions, the office share fell to 27% and the retail share rose to 47%, and the portfolio is substantially fully invested in real estate.
The fund's largest holding, EfTEN Real Estate Fund 5, is driven by the Kristiine shopping centre in Tallinn and the UNA retail park in Vilnius, both 100% occupied at end-September. Its valuation is based on the Nasdaq Tallinn closing price, so results are exposed to short-term share price moves. At Uus-Järveküla, one terraced house was handed over in Q3, leaving three units and two plots unsold. An expansion plan for 11 semi-detached houses (22 units) was agreed, with roughly EUR 1.5 million of shareholder loans at 10% interest, detailed spatial planning adopted in September, construction expected to start in the first half of 2027, and completion planned for 2029.
The fund made a EUR 1,060 thousand distribution in June 2026 (42.676 cents per unit) and will pay EUR 1,050 thousand (about 42 cents per unit) in November, of which about EUR 600 thousand comes from Invego Uus-Järveküla OÜ dividends. Total 2026 distributions exceed EUR 2 million for the first time, and represent roughly 9% of market capitalisation for the second consecutive year. The full report is available on the fund's website. Kristjan Tamla is the fund's Managing Director.
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